Legal Question in Real Estate Law in Texas
Two of Three Property Owners Want to Sell
My grandparents left a 132 acre piece of property to their three children; my mother, and her two brothers. I take care of the place and my mother. One of the brothers passed away last year, now his wife and the second brother want to sell the property, my mother does not. If sold, how would the property be divided up? Would we (my mother and me) be able to choose which 44 acres we want to keep? Can I get first rights on buying the property at fair market value?
Please advise on this matter, and thank you in advance for your assistance and professional opinion.
--name removed--Copeland
2 Answers from Attorneys
Re: Two of Three Property Owners Want to Sell
First question: how was the property left to the three children? Was it divided per the terms of the will, or did it pass via intestacy or ??? This makes a big difference as it would likely dictate if the property was to be divided or held as tenants in common or joint tenants.
Assuming that all three own an undivided one-third, then you have a few options. The easiest and most common option would be for the family members to sign a family settlement agreement by which they agree to the distribution of a piece of the property and the sale of the remainder. Once the parties agree, they can divide the property up however they see fit, even if that means one member buys out the other (this is common).
If the family members cannot agree, then things can get costly. The next option is to make a motion to a court for a partition of the property. This is a court ordered sale and distribution of the entire lot. Even after suit is filed the family members can agree to only sell a piece of the lot, and have the other members keep their respective shares. If it is a public sale, then there is nothing stopping you from bidding on the property yourself.
Re: Two of Three Property Owners Want to Sell
A suit for partition of the property is what happens if they do not agree. The court might award attorney's fees to a party forcing the partition. Normally one party will buy out the other, or if the property can be partitioned in kind (subdivide the surface) that is a good way to go. If you own minerals, you might want to keep that interest undivided. If the property can not be partitioned in kind, the court may very well sell the property and divide the money. Is there sufficient road frontage to divide the property? The parties need to get a good map of the property and decide what parts they want. They will need a surveyor which can cost quite a bit of money and they will need a lawyer to draft deeds to subdivide the property.
http://www.reasonable-doubt.com
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